Aviva 2007 Annual Report Download - page 221
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54 – Capital statement
FRS 27 requires us to produce a capital statement which sets out the financial strength of our Group entities and
provides an analysis of the disposition and constraints over the availability of capital to meet risks and regulatory
requirements. The capital statement also provides a reconciliation of shareholders’ funds to regulatory capital.
The analysis below sets out the Group’s available capital resources.
Available capital resources
Total
CGNU CULAC NUL&P UK life Other Total Overseas
with-profit with-profit with-profit with-profit UK life UK life life Total life Other 2007 2006
fund fund fund3funds operations operations operations operations operations4Total To tal
£m £m £m £m £m £m £m £m £m £m £m
Total shareholders’
funds 43 42 41 126 4,412 4,538 10,751 15,289 1,303 16,592 14,064
Other sources
of capital1––––200200492492,9813,230 3,090
Unallocated
divisible surplus 1,515 1,222 2,184 4,921 41 4,962 1,823 6,785 – 6,785 9,465
Adjustments onto
a regulatory basis:
Shareholders’
share of
accrued bonus (331) (333) (528) (1,192) – (1,192) – (1,192) – (1,192) (730)
Goodwill and
other intangibles ––––(400) (400) (4,029) (4,429) (2,385) (6,814) (5,638)
Regulatory valuation
and admissibility
restrictions2206 275 124 605 (1,742) (1,137) 72 (1,065) (731) (1,796) (746)
Total available
capital resources 1,433 1,206 1,821 4,460 2,511 6,971 8,666 15,637 1,168 16,805 19,505
Analysis of
liabilities:
Participating
insurance
liabilities 10,689 9,895 16,876 37,460 2,148 39,608 26,485 66,093 – 66,093 63,705
Unit-linked
liabilities ––––5,2915,29115,31020,601–20,60121,004
Other
non-participating
life insurance 1,218 1,851 341 3,410 15,751 19,161 29,159 48,320 – 48,320 41,515
Total insurance
liabilities 11,907 11,746 17,217 40,870 23,190 64,060 70,954 135,014 – 135,014 126,224
Participating
investment
liabilities 2,055 2,534 7,524 12,113 2,782 14,895 38,714 53,609 – 53,609 49,400
Non-participating
investment liabilities 55 18 2 75 26,056 26,131 18,504 44,635 – 44,635 38,958
Total investment
liabilities 2,110 2,552 7,526 12,188 28,838 41,026 57,218 98,244 – 98,244 88,358
Total liabilities 14,017 14,298 24,743 53,058 52,028 105,086 128,172 233,258 – 233,258 214,582
1. Other sources of capital include Subordinated debt of £3,054 million issued by Aviva and £176 million of other qualifying capital issued by Dutch, Italian,
Spanish and US subsidiary undertakings.
2. Including an adjustment for minorities.
3. Includes the Provident Mutual with-profit fund.
4. Other operations include general insurance and fund management business.
5. Goodwill and other intangibles includes goodwill of £535 million and JVs and associates
6. On 5 February 2008 Norwich Union Life announced a one-off special bonus worth an estimated £2.3 billion. In accordance with FRS 27, a transfer of
£2.1 billion has been made from the unallocated divisible surplus to increase insurance and participating investment contract liabilities. £0.2 billion of
shareholder’s share of the special bonus is included within the shareholders’ share of the accrued bonus line.
Aviva plc
Annual Report and
Accounts 2007
217
Financial
statements